Speaker Joe Straus named five Members of the Texas House to a committee that will recommend a minimum balance for the state’s Economic Stabilization Fund (ESF).
The Select Committee to Determine a Sufficient Balance of the Economic Stabilization Fund was created by legislation passed in 2013. Its existence is contingent upon voter passage of Proposition 1 this November.
If voters approve Proposition 1, the committee will recommend a balance that should be maintained in the ESF, better known as the rainy day fund, in the next fiscal biennium.
Rep. Myra Crownover of Denton will serve as Co-Chair. Speaker Straus also appointed the following legislators to the committee: Reps. Patricia Harless of Spring, Abel Herrero of Robstown, John Otto of Dayton and Sylvester Turner of Houston.
State law calls for the committee to set a sufficient balance by Dec. 1. That recommendation will then go before the full House and Senate in the form of a concurrent resolution early in next year’s legislative session. The House and Senate can adopt that resolution or amend it.
Lt. Governor David Dewhurst appointed the following Senate members to the committee earlier this week: Senator Jane Nelson of Flower Mound will co-chair the committee and will be joined by Senators Robert Nichols of Jacksonville, Brian Birdwell of Granbury, Kevin Eltife of Tyler, and John Whitmire of Houston.